Statement by IMF Deputy Managing Director Kenji Okamura at the Conclusion of His Visit to Mongolia
IMF News, October 4, 2024
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- Published: October 4, 2024
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- Press Release No. 24/358
- Date: October 4, 2024
- Issued by: IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Pemba Sherpa
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
Main messages and IMF commitment
- Expressed gratitude to Prime Minister Oyun-Erdene, State Great Khural Speaker Amarbayasgalan, Deputy Prime Minister Dorjkhand, Finance Minister Javkhlan, and other senior officials, including from the Bank of Mongolia (BOM), for warm hospitality and a highly informative visit.
- Reiterated the IMF's unwavering commitment to supporting Mongolia through policy advice, capacity development, and lending when needed.
- Looked forward to continuing a productive partnership with Mongolia in the years ahead.
Assessment of Mongolia’s recent economic performance
- Described Mongolia’s recent economic expansion as commendable.
- Noted government stewardship helped Mongolia navigate recent global shocks.
- Reported that the country’s large external debt has been refinanced and reduced.
- Stated that the BOM has succeeded in lowering inflation and building its foreign exchange reserves.
Policy priorities supported by the IMF
- Supported the government’s high priority on continued macroeconomic stability as vital for future prosperity.
- Emphasized the critical importance of building buffers through:
- Sound fiscal and monetary policy
- Strong fiscal institutions
- An independent Bank of Mongolia (BOM)
Structural reform and development strategy
- Summarized the government’s strategy to address economic risks by:
- Diversifying the economy
- Expanding the private sector
- Boosting workforce skills and innovation
- Welcomed Vision 2050, highlighting:
- Emphasis on reducing corruption and strengthening governance
- Focus on sustainable development and carbon emissions reduction
- Efforts to address income inequality through investments in healthcare and education
- Identified the successful implementation of the new Sovereign Wealth Fund law as an important opportunity to create lasting prosperity for all.
Investment and implementation focus
- Discussed Mongolia’s vision for transformative development through:
- Effective prioritization of large investments
- Sound implementation to boost productivity and sustainable economic growth
Statement by IMF Deputy Managing Director Kenji Okamura at the Conclusion of His Visit to Mongolia — Press Release No. 24/358, October 4, 2024.